The Straits Times Index is down 2.1% as at 10.02am as investors react negatively to China’s surprise move on Tuesday to devalue the yuan.
Companies with earnings in yuan may suffer when they convert those earnings back to their home currencies.
Banks led the losses. Oversea-Chinese Banking Corp is down 4.6%, United Overseas Bank is down 4.3% and DBS Group is down 4.5%.
Noble Group is down 10.6% to 51 cents after the company said it had resumed buying back its shares on Tuesday after a blackout period due to its results announcement.
In currency markets, the Singapore dollar continues to fall against the US dollar, down another 0.7% to $1.4106.
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Companies with earnings in yuan may suffer when they convert those earnings back to their home currencies.
Banks led the losses. Oversea-Chinese Banking Corp is down 4.6%, United Overseas Bank is down 4.3% and DBS Group is down 4.5%.
Noble Group is down 10.6% to 51 cents after the company said it had resumed buying back its shares on Tuesday after a blackout period due to its results announcement.
In currency markets, the Singapore dollar continues to fall against the US dollar, down another 0.7% to $1.4106.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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